H.R. 366 (Introduced in House) — To amend the Internal Revenue Code of 1986 to cover into the treasury of the Virgin Islands revenue from tax on fuel produced in the Virgin Islands and entered into the United States.

Section 1 Fuel tax covered over into Virgin Islands treasury

(a)

In general— Section 7652 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:

“(j) Shipment of fuel from the virgin islands to the united states—All taxes collected under section 4081(a) on fuel produced in the Virgin Islands and entered into the United States from the Virgin Islands shall be covered into the treasury of the Virgin Islands.”

(b)

Effective date— The amendment made by this section shall apply to fuel entered into the United States after December 31, 2024.

To amend the Internal Revenue Code of 1986 to cover into the treasury of the Virgin Islands revenue from tax on fuel produced in the Virgin Islands and entered into the United States.

Section 1 Fuel tax covered over into Virgin Islands treasury

Cite this provision

Incoming references